A dynamic neutron reflector assembly for a “breed-and-burn” fast reactor incrementally adjusts neutron spectrum and reactivity in a reactor core. The composition of materials in the dynamic neutron reflector may be adjusted to change neutron reflectivity levels, or to introduce neutron moderating or absorption characteristics. The dynamic neutron reflector may contain a flowing reflecting liquid of adjustable volume and/or density. Submergible members may be selectively inserted into the flowing reflecting liquid to alter its volume and introduce other neutron modifying effects such as moderation or absorption. Selective insertion of the submergible members allows for concentration of the neutron modifying effects in a selected portion of the reactor core. The flowing reflecting liquid may also act as a secondary coolant circuit by exchanging heat with the molten fuel salt.